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Top XRP rival Stellar (XLM) has registered a 2.55% uptick in the last 24 hours and a 7.26% rise in the last seven days. This has pushed its price to $0.2977 as the asset continues to gain against XRP amid an altcoin rebound.
Will XLM hold its momentum into April?
CoinMarketCap data reveals that trading volume has also climbed by 15.01% to $193.61 million within the same time frame. This signals that investors are actively trading the coin as optimism grows.
Given XLM's technical indicators, the market anticipates a likely price breakout. Notably, Stellar has formed an ascending triangle, and the price might rise to align with the projected movement.
Gamza KhanzadaevAs U.Today reported, analysts have spotted a potential breakout setup for XLM. According to Ali Martinez, a renowned on-chain analyst, if a break occurs after XLM consolidates, the value could surge by as much as 17%.
This break could occur as market participants pressure XLM’s horizontal resistance level. Such a development might see XLM flip $0.32 and possibly push to retest $0.40.
As of press time, XLM's price was changing hands at $0.2985 as the community debated how high prices could go.
Trends acting as bullish catalyst For Stellar
Interestingly, some analysts opine that XLM may sustain the current momentum into April. They believe the challenge will come if the XLM tracks back based on Bitcoin-linked volatility.
Such a scenario could lead to a severe pullback, seeing the token test the $0.20 support level.
Tomiwabold OlajideInvestors hope the market does not witness intense liquidations like those at the beginning of March. Notably, over $495 million worth of XLM were dumped onto the market, crashing the price to $0.276.
With the possibility of a golden cross ahead for XLM, the bullish signal might help the token attain $0.40 or higher in the coming days.
Vladislav Sopov
Dan Burgin